Overview
Spa Service Enterprise — also known as Filwuha (Filwoha Agelglot) — is a state-owned enterprise held by Ethiopian Investment Holdings that owns and manages the natural hot spring in the heart of Addis Ababa. Its financial statements describe it as a public enterprise established under Council of Ministers Regulation 111/1993, engaged in star hotel services, bath and massage, wholesale and retail trade, import and export, and community, social and personal services; it operates the Finfinnee Hotel and the New Filwuha Hotel alongside physiotherapy, sauna, steam bath, medical and meeting-hall services. It reports under IFRS with a 30 June year end.
Revenue grew 32% to ETB 304.36M and profit after tax 95% to ETB 43.31M, a net margin of 14%, as administration expenses fell to ETB 80.41M even though overhead cost rose to ETB 65.05M. Total assets reached ETB 305.45M and equity ETB 158.84M. Operating activities generated ETB 30.69M of cash and ETB 33.88M was used in investing.
SourceETB 304.36M
ETB 43.31M
ETB 305.45M
SourceETB 261.05M
Performance
Income statement
| Fiscal year | 2013EC | 2014EC | 2015EC | 2016EC |
|---|---|---|---|---|
| Total Revenue | ETB 120.29M | ETB 171.44M | ETB 231.29M | ETB 304.36M |
| Total Expenses | ETB 98.29M | ETB 157.21M | ETB 209.04M | ETB 261.05M |
| Net Profit | ETB 22M | ETB 14.24M | ETB 22.25M | ETB 43.31M |
| Operating Revenue | ETB 118.69M | ETB 169.79M | ETB 228.81M | ETB 296.13M |
| Other Income | ETB 1.6M | ETB 1.66M | ETB 2.49M | ETB 8.23M |
| Cost Of Sales | ETB 53.98M | ETB 83.05M | ETB 79M | ETB 86.76M |
| Overhead Cost | ETB 14.84M | ETB 11.38M | ETB 22.65M | ETB 65.05M |
| Gross Profit | ETB 49.87M | ETB 75.35M | ETB 127.16M | ETB 144.33M |
| General Admin Expenses | ETB 30.79M | ETB 52.55M | ETB 93.23M | ETB 80.41M |
| Finance Costs | ETB 359.57K | ETB 88.06K | — | ETB 2.52M |
| Profit Before Tax | ETB 20.32M | ETB 24.37M | ETB 36.42M | ETB 69.62M |
| Income Tax Expense | ETB 8.22M | ETB 9.47M | ETB 13.16M | ETB 24.53M |
Balance sheet
| Fiscal year | 2013EC | 2014EC | 2015EC | 2016EC |
|---|---|---|---|---|
| Total Assets | ETB 252.3M | ETB 242.52M | ETB 259.54M | ETB 305.45M |
| Equity | ETB 136.79M | ETB 141.06M | ETB 143.29M | ETB 158.84M |
| Non Current Assets | ETB 212.26M | ETB 209.15M | ETB 212.25M | ETB 232.02M |
| Current Assets | ETB 40.05M | ETB 33.36M | ETB 47.29M | ETB 73.43M |
| Total Liabilities | ETB 115.51M | ETB 101.46M | ETB 116.26M | ETB 146.61M |
Cash flow
| Fiscal year | 2014EC | 2015EC | 2016EC |
|---|---|---|---|
| Operating | ETB 7.94M | ETB 14.78M | ETB 30.69M |
| Investing | -ETB 8.17M | -ETB 14.74M | -ETB 33.88M |
| Financing | -ETB 6.56M | -ETB 95.5K | ETB 9.91M |
Financial health
Return on equity (ROE)
27.3%
Return on assets (ROA)
14.2%
Capital adequacy ratio (CAR)
—
Non-performing loans (NPL)
—
Cost-to-income
—
Liquidity ratio
—
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